THREE directors of Dana Petroleum have shared a total profit of more than GBP11m after exercising options to buy shares in the company at a fraction of their market value. Chief executive Tom Cross, pictured, bought 937,098 shares at exercise prices of 157p and 183p. He immediately sold 925,000 of those shares at 990p, netting a profit of at least GBP7.5m. Technical director Andy Bostock bought 505,972 shares at the same prices and immediately sold 300,000 shares at 990p, making a net gain of at least GBP2.4m. Finance director David MacFarlane banked a GBP1.3m profit after buying 200,000 shares at 183p and off loading 160,000 of them at 990p. The sales may not be interpreted as a vote of confidence in Dana's future. A month ago nearly GBP90m was wiped off the market value of the exploration independent after it issued a disappointing drilling update in Mauritania.
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